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Breakfast News - AIM Breakfast : Arricano Real Estate, Central Asia Metals Ltd, Rose Petroleum PLC, Etalon Group, Verseon, Premier Veterinary, HaloSource, Manx Financial Group, Arricano Real Estate, Levrett

Published: 10:03 22 Sep 2017 BST

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What’s cooking in the IPO kitchen?

AIM

City of London Group (COLG) - Sch 1—RTO of  Milton Homes Limited,  an equity release provider which has a UK residential property portfolio of 586 properties with a market value of approximately £77 million as at 30 June 2017.  Offer TBA. Due 5 Oct

Springfield Properties—Scottish housebuilder. Intention to float. Offer TBA “Our turnover exceeded £100 million for the first time this year and now we employ around 500 people. This IPO is the next step in our growth.”

OnTheMarket—Intention to float on AIM to raise c. £50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m.

Main Market Premium Listing

People’s Investment Trust—Objective of sustainable wealth creation. Also to list on the Social Stock Exchange. Targeting £125m raise on 17 Oct. No performance fees or executive bonuses in order to focus on long term rather than short term performance.

Charter Court Financial Services Group—Intention to float. Specialist lender serving the UK residential mortgage market. The net mortgage loan book stood at £4.4 billion as at 30 June 2017 growing at a compound annual growth rate of 92 percent since 31 December 2014.  Part vendor sale and £20m primary raise.

ContourGlobal LP—Report on Bloomberg that the thermal energy power generator is considering a London listing.

Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Offer raising £200m at 100p. The Company has decided to extend the closing date for the Placing, Offer for Subscription and Intermediaries Offer to 1 August 2017.  The Company may bring forward this closing date at any time. Admission 15 Sep.

 

 
Breakfast buffet

Etalon Group (LON:ETLN) $3.9 $1.14bn

“ETALON GROUP PLC ("Etalon Group" or the "Company"), one of Russia's largest and longest-established development and construction companies, announces that it has delivered another residential building at its Samotsvety project in St Petersburg. The total NSA of the building is 20 ths sqm, which includes a parking garage and 16 ths sqm of residential NSA containing 195 apartments.

The first two residential buildings of the Samotsvety project were delivered in 4Q 2015.

Samotsvety will consist of four residential buildings of up to 11 stories situated in central St Petersburg on a land plot bordering the Smolenka river embankment in the Vasileostrovskiy district. The project has a total planned NSA of 213 ths sqm, of which 148 have already been delivered, including the recently-delivered building. The remainder of the project is on track to be completed in 2018.”

Central Asian Metals (LON:CAML) 254.5p £283.9m

Proposed acquisition of Lynx Resources Limited for $402.5 million.  Transformationa­l transaction for CAML, creating an AIM listed, diversified, low cost base metals producer .  Lynx operates the SASA underground zinc-lead mine, in northeast Macedonia .       SASA is a low cost operation with strong operating track record and a reserve base supporting production until at least 2032

In 2016, SASA produced 783,000 tonnes of ore which generated 22,515 tonnes of zinc in concentrate and 28,955 tonnes of lead in concentrate

SASA's H1 2017 C1 zinc equivalent cash cost of $0.39 per pound is at the lower end of the second quartile of the Wood MacKenzie 2017E zinc industry cost curve.

RTO under AIM rules. $153.5m to be raised by accelerated bookbuild. $50m further equity to be contributed by vendor. The remainder to be debt funded. $12m deferred.

Verseon (LON:VSN) 126.5p £191.56m

The technology-based pharmaceutical company,  is entering into a Property Assessed Clean Energy (PACE) program for its new facility in Fremont, California through its wholly owned subsidiary VRH1 LLC. The program provides Verseon with access to a US$ 8.65 million loan for energy-related items, bearing interest at a fixed rate of 6.50% and repayable over a 25-year term.

Verseon will use the PACE financing to enhance the energy efficiency of its new building, which houses the Company's R&D laboratories and corporate headquarters. These improvements are expected to result in an overall decrease in operating expenses based on a reduction in energy-related expenditure.

FYDe18E rev £7.7m and £9.86m loss.

Premier Veterinary (LON:PVG) 39p £5.99m

FYSep17 trading update. Group turnover for the year ending 30 September 2017 is expected to exceed £2.5m representing growth of 35% on the previous year. EBITDA for the year is expected to be in line with market expectations. The Group's recurring revenue streams are driven by the number of pets that are signed up to Premier Pet Care Plan ("PPCP"), a preventative healthcare programme for pets. Growth of 12% in the first 6 months of the calendar year.  UK and Europe performing in line. The US  is proving challenging but the Company is implementing initiatives to overcome structural differences in veterinary care compared to Europe.  FY Sep17E £2.67m and £4m loss.

HaloSource (LON:HALO) 1.975p £1.33m

The global clean water technology Company , has reached agreement to partner with Seven Step Ecotech Co. Ltd. ("Seven Step") to launch a new line of purifying water bottles for the Asian market. These devices will be powered by HaloSource's class-leading HaloPure® disinfection technology.

As a division of Xiamen HONTAY Plastic Industrial Co. Ltd, Seven Step has access to a mature distribution channel in China and Southeast Asia for Hontay's "non-functionalized" (eg. non-filtering or purifying) bottles and pitchers and believes there is a significant potential for functionalizing bottles and pitchers with filters that can make water safe to drink.  To capitalize on this opportunity, Hontay launched a new brand called "Seven Step" which will build upon its solid foundation and experience selling bottles in the Asian markets.  The company plans to initially leverage its distribution channels in India and Indonesia, and plans to expand into China, SE Asia and the Middle East over the coming years. 

Levrett (LON:LVRT) 3.25p £3.11m

FY Mar 17 results from the Company formed to acquire a target company with realisable or developed commercial technologies in the pharmaceutical and biotechnology sector.  On 15 Sep announced conditional agreement  to complete RTO of  Nuformix for £12m.

Nuformix is a UK incorporated pharmaceutical development company using cocrystal technology to unlock the therapeutic potential of approved small molecule drugs.  It has discovered, developed and patented novel cocrystal forms of approved small molecules, creating an IP portfolio containing 14 granted patents covering cocrystal forms of five small molecule drugs.

Raising £2.3m at 4p.

Arricano Real Estate (LON:ARO) $0.45 $46.47m

HY Jun 17 results from one of the leading real estate developers and operators of shopping centres in Ukraine. Today, Arricano owns and operates five completed shopping centres compris­ing 147,800 sqm of gross leasable area, a 49.9% shareholding in Assofit and land for a further three sites under development. 

Total revenues are up 18.7% at USD12.9 million (30 June 2016: USD10.9 million), reflecting managemen­t efforts to boost income with innovations and service initiatives across the portfolio.

Operating profit (including revaluation gains) was USD24.0 million (30 June 2016: USD16.8 million)

Profit before tax was USD18.4 million (30 June 2016: USD8.3 million)

Total fair valuation of the Company's portfolio was USD197.9 million as at 30 June 2017 (as at 31 December 2016: USD175.7 million)

Rose Petroleum (LON:ROSE) 4.75p £1.79m

Conditional £3m placing at 4p.  The net proceeds of the Placing will be used to complete the 3D seismic survey on the Company's oil and gas exploration acreage in the Paradox Basin, Utah, to commence drill permitting and to provide working capital. The seismic survey is an essential part of unlocking the potential of the Paradox Acreage, and will identify initial drill locations the programme planned for the H2 2018. The directors of Rose believe the state of the art 3D seismic shoot proposed is of considerably higher quality than previously shot within the Paradox basin and is planned to not only identify the potential targets within the Paradox clastics, as defined in the Ryder Scott resources report of April 2014, but is also expected to be able to show potential targets within the Leadville Limestone formation, directly below the clastics. This offers additional potential for conventional targets which have been successfully exploited directly south of the Company's acreage in the Salt Wash Field.

Manx Financial Group (LON:MFX) 8.5p £10.1m

The financial services group which includes Conister Bank Limited, Edgewater Associates Limited, Conister Card Services Limited, Manx Incahoot Limited and Manx FX Limited, presented the Interim results for the six months ended 30th June 2017. 

Jim Mellon, Executive Chairman, commented: "With pre-tax profit up by 30% to £0.9 million and total assets increasing by nearly 17% to £174.3 million, our results are extremely encouraging and for the first six months of the year substantial and sustained progress has been made throughout the Group."

We could see no forecasts.

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